An organization's efficient operation relies on the proper functioning of its Assets. Whether using manpower or an automated work environment, Assets require attention. Neglect or carelessness is detrimental. The operational tasks constantly require Assets. Whether the Assets are in use, lying as spares, in repair, or are in an idle condition - they all have to be documented in an Asset Management Software.
How are Assets Important to an Organization?
Keeping assets unaccounted is a futile effort, dependency on human supervision does not guarantee that it would not falter.
It requires a robust system which works by:
- First registering the category of Asset and then at which location or sub-location it is deployed
- Second, who is an assigned user for such asset either as a maintainer or as a user
- Third, what's the condition of the Asset whether that's brand new, refurbished, or it's unusable
- Fourth, the status of such asset should also be recorded whether it's in use, in stock or gone for repair.
With a combination of these inputs, an Asset record should be ensured into the register. This register, in turn, will help in building activity schedules. The scheduled activities are very crucial, as a generic human dependent approach might not record everything.
There's a high chance of something to be missed, something to be not dealt with appropriately. Rather an Asset Tracking Management System with its automated capabilities enhances the overall schedules.
Alerts are thrown, records are created, stakeholders are accounted for, the frequency is set, next actionable data is marked and above all it records everything leaving no chance of tempering or mismanagement. Now what may seem difficult becomes system driven.
All assets have been marked according to their categories, the organization knows
- Where they are located
- Who's the one they are with
- What's their condition and status
These schedules, when linked to specific assets, define the period
- When an activity should happen
- Who's supposed to do it
- By what date is to be done
- How many dates prior to a reminder shall come
- Whether that's a single occurrence or multiple repetitions
- Any files that are relevant to the activity like an invoice, workshop manual, instructions can be attached to it.
Asset Management System: A Powerful Tool
The Asset Management System should also provide more powerful tools to the organization by allowing additional custom feeds in the scheduled activity which allow them to capture and record crucial details that are important for them. The system should also notify what are the pending activities for better accountability.
In times of mobility, the notifications should be connected to handheld devices as well. So, the Asset Management System should also be provided as a web interface, on IOS and Android platforms as an App.
Coming back to the times when asset breakdowns were unforeseen, unpredictable, unmanageable and unaccountable; but times now have changed.
Asset Management Systems these days are designed to predict the unpredictable, manage the unmanageable and amount of the unaccounted.
With the help of the system preventive maintenance, activities can be scheduled keeping in mind the frequency which could either be dependent on usage or time period. Such preventive maintenance keeps the wheels oiled.
As it's said prevention is better than cure, so a preventive schedule makes sure that the asset breakdowns never happen again. Or if they are not preventable fully, at least the turn-around time should be such that makes the organization well prepared.
When you want to implement preventive maintenance then you can get it with CMMS (Computerized Maintenance Management Software) system. A lot of organizations utilize and rely on CMMS software, that is why it has a huge market size.
According to the Verified Market Research, “CMMS Software Market was valued at USD 0.92 Billion in 2019 and is projected to reach USD 1.77 Billion by 2027, growing at a CAGR of 8.58% from 2020 to 2027.”
The Asset Management System helps in another way by providing a complaint ticketing system. With the help of such a system, complaints can be logged either linking them to an Asset or otherwise.
The specific location can be mentioned where such an issue has arisen. The complaint when logged should be assignable to the appropriate usage group who'll be able to address and rectify the same. It should have named users who'll take responsibility to address it.
It should also mention who are raising such complaint when they are raising it also becomes important to calculate the period by which it should be addressed. Even a self-assessed priority helps.
Detailed Description Field
Also, detailed description field would help in a long way to understand what's the actual fault. Files could be uploaded containing last records, any part details and even a photo clicked from the mobile showing the trouble.
In case any known inventory items are required the system could help by allowing the objector to mention what all might be required and in how much quantity.
So, the preventive maintenance scheduled activity and the complaint management system's ticket help increasing the turn-around time of such asset breakdowns. Also, the system should help by creating schedules for Annual Maintenance Contracts, General Maintenance, Physical Inspection, shutdowns, and Calibrations.
They all make the organization run its Assets in a better way, the system not only alerts but it also documents, creates empathy, sense of accountability between the man and the machine.
There are more features such as Auditing of your assets & Physical verification, Maintenance management, Utility Monitoring, and report on the equipment you can use from anywhere, at any time. Asset Infinity offers a free 14-day trial - no credit card required!
Recommend To Read: Effective Ways to Control the Movement of Assets for an Organization
Frequently Asked Questions (FAQs)
1. Why Avoiding Asset Breakdown Is Crucial for Business?
Asset breakdown can be very dangerous for business. Asset breakdown increases downtime and asset unavailability increases. Moreover, it can slow down the process of production which can lead to delays in customer disappointment. Moreover, when a sudden asset breakdown occurs it leads to an expensive repair. It also impacts the productivity of the organization as their employees as well. That is why it is important to avoid sudden asset breakdown.
2. How Can You Avoid Sudden Asset Breakdown?
Organizations can easily avoid sudden asset breakdown by providing asset maintenance on time. When assets are given maintenance on time it not only avoids asset breakdown but improves asset performance. It makes assets more reliable, and you will notice that maintenance expenses will decrease as well. When you provide maintenance on time it will increase asset availability and downtime will be minimized.
3. Why Are Assets Important?
Assets are helpful in generating revenue for the organization. It plays a crucial role in business growth, and they add value to the organization as well. They are helpful in running the daily operation of a business if assets are not available due to asset breakdown, then you will notice that the speed of daily operation will be slower.